COLA

Social Security Benefits to Increase in 2018

October 13, 2017 • By

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Last Updated: October 13, 2017

man and woman outside smiling When we announce the annual cost-of-living adjustment (COLA), there’s usually an increase in the Social Security and Supplemental Security Income (SSI) benefit amount people receive each month. Federal benefit rates increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).

The CPI-W rises when prices increase, making your cost of living go up. This means prices for goods and services, on average, are a little more expensive. The COLA helps to offset these costs. As a result, more than 66 million Americans will see a 2.0 percent increase in their Social Security and SSI benefits in 2018.

Other changes that will happen in January 2018 are based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax will increase to $128,700. The earnings limit for workers younger than “full” retirement age will increase to $17,040 and the limit for people turning “full” retirement age in 2018 will increase to $45,360.

You can find more information about the 2018 COLA here.

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About the Author

Jim Borland, Acting Deputy Commissioner for Communications

Jim Borland, Acting Deputy Commissioner for Communications

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Comments

  1. Gary H.

    I would like an email with my SS Awards statement which I need for a mortgage.

    • R.F.

      If you need proof you get Social Security benefits, Supplemental Security (SSI) Income or Medicare, you can request a benefit verification letter online by using your my Social Security account.
      Just a reminder – We do not have access to personal information, therefore, we do not do direct messaging in this venue. Please be cautious about posting personal information on social media and communicating personal information via email. Thanks!

  2. Katherine D.

    My name is Katherine Duncalf-Sutton. I am currently receiving social security. I was told I could increase the amount when I turned 65 or 70. I have decided to do it at age 65 which is this upcoming August. Please help me with this.

    • R.F.

      Hello Katherine, when a person begins to receive benefits at age 62 or prior to their full retirement age, their benefits are reduced. The reduction factors are permanently applied to all of the benefits the person may qualify for.
      The rules change if you’re receiving survivor’s benefits. Widows may have additional options. A widow can apply for survivors benefits first and switch to the other (higher) benefit at a later date.
      For further assistance, call our toll free number at 1-800-772-1213. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks!

  3. Brian T.

    How can I get a award letter

  4. Dorothy O.

    I did not receive the increase for cola this year. Why.?

    • K.O.

      Hi Dorothy. A 2.0 percent cost-of-living adjustment (COLA) for Social Security beneficiaries became effective in January 2018. Subsequently, increased payments to more than 8 million SSI beneficiaries began on December 29, 2017. You can find more details about the new COLA at http://www.socialsecurity.gov/cola.
      For further assistance, you may call our toll free number at: 1-800-772-1213. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks!

  5. Ronald L.

    I need a copy of award letter for 2018 thku

  6. Geraldine M.

    Hello,
    I am a 70 year old female. I am a widow. I have no home. My life is in storage units and I stay where ever I am taken in. I have worked my entire life…until now. I have too many physical problems to work outside of the home. I had an art studio and I was in the middle of building websites to supplement my income.

    Hurricane Irma flooded out my storage buildings and I lost so much. My art studio was packed up in there.

    I would love to be in my own home to stay. The constant moving has worn me to a depressed frazzle. I work especially hard at staying happy, regardless of my circumstances.

    I know if I could get into a home that was under $800 a month, I could survive.

    Can anyone PLEASE HELP AND GUIDE ME AND TELL ME WHAT STEPS i MAY NEED TO TAKE TO GET INTO MY OWN HOME? PLEASE?

    Thank you so very much for taking the time to read this and for helping me if possible.

    Sincerely,
    Geraldine M. Bruehl-Russell
    gnbrussell29@gmail.com

  7. Gary J.

    Received a one time payment on May 10, 2018. Why?

    • R.F.

      Hello Gary. Unfortunately, and because of security reasons we do not have access to personal records in this blog and cannot answer your question at this time. One of our representatives should be able to provide you with an explanation. Please call our toll free number at 1-800-772-1213 for assistance. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call later during the day or later in the week. Thanks.

  8. NORMA F.

    I AM IN NEED OF A COPY OF MY 2018 SOCIAL SECURITY INCOME..

  9. Patrick E.

    I NEED TO LEARN ABOUT RENT STATEMENT SSI INCREASE PLEASE .

    • R.F.

      Please contact a Social Security representative. You can call our toll free number at 1-800-772-1213, Monday through Friday, between 7 a.m. and 7 p.m. Or contact your local office directly. Thanks!

  10. Patrick E.

    I NEED TO KNOW THE PROCESS OF S.S.I.-INCREASE WHEN A RENT STATEMENT IS SUBMITED , FROM $605-dollar’s -increase , to $-? And if I could say to much increase or to little will effect my statement .

Comments are closed.